2005 Vermont Code - § 2076. — Trust accounts

§ 2076. Trust accounts

If shares and deposits are held in trust, the name and residence of the beneficiary shall be disclosed and the account shall be kept in the name of the holder as trustee for the beneficiary. Shares may be issued and deposits may be held in the name of a member in trust for a beneficiary, including a minor, but no beneficiary, unless a member in his own right, may be permitted to vote, obtain loans, hold office or be required to pay an entrance fee. Payment of part or all of those shares or deposits to the member-trustee shall, to the extent of that payment, discharge the liability of the credit union to the member and the beneficiary, and the credit union shall be under no obligation to see to the application of the payment. If the member-trustee dies, and if shares or deposits are so issued or held and the credit union has been given no other written notice of the existence or terms of any trust, such shares and deposits and any interest or dividends thereon shall be paid to the beneficiary or his lawful fiduciary as he or they may elect, or the account may be maintained in the credit union. (Added 1967, No. 312 (Adj. Sess.), § 1, eff. March 22, 1968; amended 1969, No. 18, § 6, eff. March 11, 1969.)